Update: Main Street for Sale

Update: Main Street for Sale

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Think Financial Student Loans

A sale of a vacant or under-utilized property offers hope. Hope that the new owner has the means and vision to bring the property back to life. Oftentimes properties are purchased by investors only looking to milk a property or to hold on to it for speculative purposes with minimal investment. With seven properties for sale on two blocks in the heart of downtown, the turn-over in ownership could mean changes for the better.

The seven properties are, or in two cases were, Hunt Commercial listings. Chris Malachowski, with six of the listings, says each of the buildings have been sold, are under contract, or should soon be under contract. Malachowski is excited that all of the buyers plan “significant changes” to each.

Two of the sales have gone through:

477 Main- Purchased by The Martin Group, a marketing communications firm. The former Wendy’s will get a second floor and new façade in a make-over designed by neighboring Carmina Wood Morris, P.C.

496 Main- At the northwest corner of W. Mohawk Street, the four-story, 11,440 sq.ft. building was purchased by Kent Keating last July. The new owner has City approvals to renovate it for commercial space topped by one unit of housing.

mainstr.PNG

The others either “under contract or close” are:

472 Main/283 Pearl- These contiguous, through-block buildings are four floors totalling 40,000 sq.ft. of space. The site is located between the Courtyard Mall and former Hens & Kelly’s Department Store.

501 Main- The three-story, 6,000 sq.ft. brick structure was last occupied by Stewart and Benson Travel. At one point, Signature Development had the building under contract as part of the Century City Lofts proposal.

468 Washington- The Slotkin Building is a quaint 5,550 sq.ft. on two floors plus a usable 2,000 sq.ft. basement.

535 Main- The Rose Nails building across from the Hyatt (entry image). Current owner Seymour Investments LLC purchased the four-story, 7,700 sq.ft. property in 2005 and had received approvals for a residential conversion project.

9 Genesee- Listed through Hunt’s David Doerr, this three-story building was targeted for conversion to retail and residential space by current owner Spa Lofts, LLC. Though not under contract, interest in the property is said to be heavy.

Malachowski does not want to go on the record regarding buyers and their plans, but says that all but one envision redeveloping the properties into a mix of commercial space with upper-floor residential. These smaller yet important projects will help heal a tattered section of downtown.

Get Connected: Chris Malachowski, 716.880.1914; David Doerr, 716.880.1903

DSC_0356c.JPG Slotkin Building, 468 Washington

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What Others Have To Say

  1. RisingDamp666

    0 ratings12345
    May 9th, 00:33

    What these buildings all have in common is the first floor, and that's what we're all watching.

  2. GDC

    2 ratings12345
    May 9th, 02:30

    I'm still wondering if the Hyatt Renovations include moving the glass area over to the Huron Pearl St. side and re-opening Genesee St. I remember from earlier "Main St./Car Sharing" meetings with presenters saying that when the Main St. plans get close to reality, that the Hyatt is one of many businesses willing to alter for sidewalk and street space, even removing this section and moving it over to the other side. SO, does anyone know if that is what is going to happen? Sorry for going off topic, but the photo reminded me of it. All these plans sounds good so far, but some are old news with no progress yet.

  3. RaChaCha

    1 ratings12345
    May 9th, 05:53

    WCP, like you I think these market developments represent positive progress for downtown - especially given all the recent national real estate sturm und drang - but it strikes me that the news about 501 Main being for sale individually is a potential fly in the ointment. I understand there was a great effort made to put together the properties for Century City, a stunning concept which unfortunately later stalled. So is this a sign that Century City will not be resurrected--? Say it ain't so...

  4. GDC

    0 ratings12345
    May 9th, 06:14

    And I did see the one story building next to 501 Main St. up for sale on Craigslist.org just recently. And that was suppost to be part of the Century Loft project too.

  5. GDC

    0 ratings12345
    May 9th, 06:34

    And I did see the one story building next to 501 Main St. up for sale on Craigslist.org just recently. And that was suppost to be part of the Century Loft project too.

  6. Andrew

    1 ratings12345
    May 9th, 08:37

    please bring us a developer with a plan! and capital!!! one person could single handedly change downtowns immage with these properties. i´m praying over here

  7. Downtownjunkie

    2 ratings12345
    May 9th, 09:06

    No the Hyatt project does not include any plans for reconfiguring the Hotel to accomodate trafffic on Genesee. Why this is I do not know... How cool would it be to see the Hyatt incorporate a reborn Genesee St with outdoor patio seating and a remodeled lobby and atrium on Pearl? There is more than enough land on the Pearl St Side of the Hotel complex as well as across the street where the old convention center parking ramp once stood. Why is there not a concerted effort from our area leaders such as Buffalo's Mayor Byron Brown and the Common Council members and even the County Executive demanding that Paul Snyder and his Hyatt Regency rethink or alter their renovation plans? They recently received millions of dollars in public aid for a multi-million dollar upgrade. What would an extra million hurt us to accommodate an extention of Genesee St to Pearl St. and provide hope for an eventual extention to Niagara Square? We are already paying for a money losing hotel operation to upgrade and renovate a property that has consistently underperformed and has also been a major impetus of the revitalization of that section of downtown for the past 20 or so years. I think everyone would benefit from a true Main St. to Niagara Square extention of Genesee St. especially these new projects, because the combination of people, cars, bicycles, and the trolley will help make this up and coming downtown area more walkable, inviting and livable for all to enjoy.

  8. Downtownjunkie

    0 ratings12345
    May 9th, 09:12

    And sorry for such a long post but i really would like to know how many people support such a project...Remember people this was a major arterial street taken from the people of this city and region and given over to a private corporation.

  9. Downtownjunkie

    1 ratings12345
    May 9th, 09:19

    The award winning Queen City Hub plan incorporates this idea into their plan for the eventual rebirth of this section of downtown...why doesn't this plan affect the decisions our economic development officials make...have we not learned from our past? These new projects are great news!...but we should expect them to be just the beginning and plan for an eventual rebirth of this Genesee St/Main St area...there are the Genesse Block renovations going on and the Statler project on both sides of this beautiful street.

  10. GDC

    0 ratings12345
    May 9th, 10:46

    If you think about it, Downtownjunkie, if Genesee Street was re-opened just at the Hyatt and the Convention Center stayed, traffic would jam onto Pearl Street going North unless it was turned into a 2-way street, but anyways, in order for the re-opening to truly work, the Convention Center would have to be either shortend or wiped away completly to reopen the rest of Genesee and Mohawk Streets to ease traffic. But then we'll need a new Convention Center.. It's really complicated, but can be done, if the city/county gets it together.

  11. onestarmartin

    2 ratings12345
    May 9th, 10:58

    @ANDREW...think we already tried the "one person developer plan". .. and like Lemmings Buffalo followed, don't think they will again. [is his boat on the market?...you know, the one for guests of the hotel...lol]

  12. urbanboarder

    1 ratings12345
    May 9th, 12:57

    The block featured in the opening picture with the former Grevers Flowers, 9 Genesee and Rose Nails has tremendous potential. Opening Genesee Street up would take more than what DTJ proposes, but he has a great vision for what is necessary and certainly plausible. There have been plans done in the past which show a straight shot to the water. One would have to wonder tho if the new waterfront village would support such a plan, seeing as access for the "undesirables" less than a mile or two up Genesee could have a straight shot to their quaint village. Just a point to think about. Other than that, GDC, you hit it head on, there needs to be more one ways downtown converted back to two ways, especially Pearl Street. What this area needs in front of Grevers is the reduction of the vast pavement that seems to sprawl out endlessly. There is absolutely no greeners, or even street decorations to stay and sit for awhile, other than outdated and scarce benches. Dont forget, this is also where the New Years celebration is every year..it should be the hot spot. Look at other cities, and where they hold such celebrations, it certainly isnt in a downtrodden area. It can be done, it just takes the right amount of creativity with an angel financier, since the lending institutions cant even pay their own bills these days.

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